XRP Soars 10% as SEC Abandons Appeal Against Ripple: What This Means for Investors
The price of the Ripple-linked XRP token experienced a remarkable surge of over 10% on Wednesday, March 19, following an important announcement from Ripple’s Chief Executive, Brad Garlinghouse. This announcement disclosed that the Securities and Exchange Commission (SEC) would withdraw its appeal of a prior ruling, marking a significant milestone for Ripple and its supporters.
Brad Garlinghouse’s Announcement
In a statement shared on the social media platform X, Garlinghouse declared that the legal battle against Ripple “has ended.” He expressed his sentiments by stating:
“Today is a victory — and a long overdue surrender by the SEC.”
Background on the SEC Appeal
In October, the SEC had appealed a court ruling that concluded Ripple’s sales of XRP cryptocurrency through exchanges did not need to adhere to investor-protection laws. This appeal has now been confirmed to be dropped, pending a vote and approval from the commission, according to a Ripple spokeswoman.
Shifting Regulatory Landscape
This development signifies a potential shift in how regulators approach cryptocurrency enforcement. Recent actions by the SEC suggest a more lenient stance under the current administration. Notable changes include:
- Dismissal of cases against major firms such as Coinbase Global, Kraken, and Consensys.
- Abandoning various investigations into crypto companies.
- The formation of a new SEC crypto task force aimed at creating a clear and comprehensive regulatory framework for crypto assets.
The SEC’s recent decisions indicate a strategic pivot towards fostering a more supportive environment for the cryptocurrency industry, which could have lasting impacts on market dynamics.
Conclusion
As Ripple and its community celebrate this legal victory, the cryptocurrency landscape may be on the verge of significant transformation. The withdrawal of the SEC’s appeal not only benefits Ripple but also signals a broader positive shift in regulatory attitudes toward cryptocurrencies. For ongoing updates and insights on cryptocurrency regulations, be sure to check back with reliable sources like Forbes Crypto.
